Sensex Drops 982 Points, Nifty Below 24,000 As Crude Oil Surge Weighs On Markets

Indian equity benchmarks closed significantly lower on Friday as surging crude oil prices unsettled investor confidence. Escalating geopolitical tensions linked to stalled US-Iran negotiations and disruption at the Strait of Hormuz further pressured markets.

The BSE Sensex plunged 982.71 points, or 1.27 per cent, to settle at 76,681.29. The Nifty 50 declined 275.10 points, or 1.14 per cent, to close at 23,897.95.

Market analysts indicated that the 24,000 mark has turned into a strong resistance zone. Previous support levels have shifted into supply bands, limiting recovery.

Experts noted that a decisive breakout above 24,000 could revive momentum towards 24,200. Conversely, a fall below 23,800 may extend losses towards 23,600.

The downturn was largely driven by weakness in information technology stocks. Shares of Infosys, Tata Consultancy Services, and Tech Mahindra led declines, pulling the IT index down by nearly 5 per cent.

Broader markets echoed the negative trend. The Nifty MidCap index fell 0.96 per cent, while the Nifty SmallCap index declined 0.87 per cent.

Sectorally, pharma and media indices also ended lower, intensifying overall weakness. The metal index showed relative resilience with marginal losses.

Global crude prices surged sharply, with Brent crude crossing $100 per barrel and April futures rising to $107.25.

Analysts warned that elevated oil prices could fuel inflation and widen India’s current account deficit.

Market participants remained cautious as geopolitical uncertainty persists, with no breakthrough in ceasefire talks and continued supply disruptions.

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